Calico Resources Corp.: Reports Exceptional Results from Metallurgical Test Work

Conventional Methods Achieve Gold Recoveries up to 97.0% for Grassy Mountain

Vancouver, January 6, 2015 - Calico Resources Corp. ("Calico" or "the Company"), (TSX-V: CKB) reports that Resource Development Incorporated (RDi) has completed positive bench-scale metallurgical testing for the Grassy Mountain Project located in southeastern Oregon. A technically sound and economically viable processing strategy has been developed by RDi for production of gold and silver based on representative samples of drill core from Grassy Mountain. Tests indicate that recoveries of 97.0% gold and 84.6% silver are achievable utilizing a conventional gravity process followed by carbon-in-leach (CIL) cyanidation of the gravity tailings. Deepak Malhotra, PhD, President of RDi, directed the work.

 ---------------------------------------------------------------------------
 |Summary of Gravity and Leach Test Results– Grassy Mountain Project
      |
 |-------------------------------------------------------------------------|
 |Primary  |Gravity                        |Leaching       |Overall   
    |
 |Grind    |                               |               |          
    |
 |P80, mesh|                               |               |          
    |
 |        
|---------------------------------------------------------------|
 |         |Recovery, %    |Grade, g/t     |Recovery %     |Recovery %
    |
 |        
|---------------------------------------------------------------|
 |         |Au     |Ag     |Au     |Ag     |Au     |Ag     |Au     |Ag
    |
 |-------------------------------------------------------------------------|
 |48       |22.6   |16.6   |336.1  |598.4  |90.6   |79.2   |92.7  
|82.7   |
 |-------------------------------------------------------------------------|
 |65       |25.1   |18.9   |286.1  |443.4  |91.1   |76.8   |93.3  
|81.2   |
 |-------------------------------------------------------------------------|
 |100      |26.9   |6.4    |961.7  |975.8  |95.9   |83.6   |97.0  
|84.6   |
 ---------------------------------------------------------------------------

Note: Feed assayed 8.50 g/t Au and 19.1 g/t Ag


"These exceptional results take us another step closer to establishing the economic potential of Grassy Mountain. The next step is to incorporate the metallurgical data into the Preliminary Economic Assessment now in progress. We expect to announce the results of the PEA later this month. Meanwhile, we also continue to advance the project through the permitting process. Our aim remains to de-risk the project in preparation for a transaction that unlocks the value of Grassy Mountain for our shareholders," said Paul Parisotto, President and CEO of Calico.


Qualified Person

Michael F. McGinnis, a Qualified Person (CPG 10914) pursuant to National Instrument 43-101 Standards for Disclosure for Mineral Projects, has reviewed and approved the technical contents of this news release. Mr. McGinnis is Calico's Project Manager/Exploration and is therefore not independent of Calico.


About Calico Resources Corporation

Calico owns a 100% interest in the advanced stage Grassy Mountain gold project in Oregon. The project hosts a high grade NI 43-101-compliant resource consisting of an estimated 2,341,400 tonnes of Measured grading 9.48 grams per tonne (713,400 ounces), 95,100 tonnes of Indicated grading 8.75 g/T (26,700 ounces) and 14,700 tonnes of Inferred grading 8.75 g/T (4,100 ounces), calculated using a 2.7 g/T cutoff grade. Please see the Company's website at www.calicoresources.com for more information.


On behalf of the Board,

Paul A. Parisotto
President & CEO



NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES.

This news release does not constitute an offer to sell or a solicitation of an offer to buy or sell securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Cautionary Statement

This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.



For more information please contact:

Calico Resources Corp.
Paul A. Parisotto at 1 855-589-0400 or you can refer
to the Company's website: www.calicoresources.com.



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